Published on 11/2/2018 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.21 million 12% contingent coupon autocalls on tech stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 2 – Citigroup Global Markets Holdings Inc. priced $1.21 million of autocallable contingent coupon equity-linked securities due Oct. 29, 2021 linked to the worst performing of the common stocks of Amazon.com Inc., Alphabet Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if each stock closes at or above its 60% coupon barrier on the review date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any review date.
The payout at maturity will be par unless any stock finishes below its 60% barrier level, in which case investors will be fully exposed to any losses of the worst performing stock.
The notes are guaranteed by Citigroup Global Markets Inc.
Citigroup Global Markets Inc. is the agent.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Autocallable contingent coupon equity-linked securities
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Underlying assets: | Amazon.com Inc. (Symbol: AMZN), Facebook, Inc. (Symbol: FB), Alphabet, Inc. (Symbol: GOOG) and Netflix, Inc. (Symbol: NFLX)
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Amount: | $1.21 million
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Maturity: | Oct. 29, 2021
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Coupon: | 12% annualized, payable quarterly if each stock closes at or above 60% coupon barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any stock closes below 60% barrier, in which case 1% loss for each 1% decline of worst performing stock
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Call option: | At par if each stock closes at or above its initial level on any quarterly review date
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Initial levels: | $1,642.81 for Amazon, $145.37 for Facebook, $1,083.75 for Alphabet and $299.83 for Netflix
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Barrier levels: | $985.686 for Amazon, $87.222 for Facebook, $650.25 for Alphabet and $179.898 for Netflix, 60% of initial levels
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agent: | Citigroup Global Markets Inc.
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Fees: | 3.25%
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Cusip: | 17324XEZ9
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